Nguyen ca re

They were discussing measures to settle the case in which electrician Nguyen Ca Re was penalized VND90 million (US$3,860) for selling a one hundred US dollar note to Thao Luc jewelry shop, which is ineligible for buying foreign currency, to take VND2.3 million. At the meeting, Can Tho city People’s Committee said that it has received an application for penalty reduction or exemption from Mr. Re. In the application, Mr. Re presented difficult economic situation saying that his family is unaffordable for the penalty. Hence, Mr. Re proposed the city People’s Committee and authorized agencies to consider penalty reduction and exemption. According to SBV branch in Can Tho city, Article 22 of the Law on the Handling of Administrative Violations enables the city People’s Committee to exempt Mr. Re from paying the fine because of his disadvantaged situation. Aside from that, he does not know that the dollar note change breaks the law. The penalty on Thao Luc … [Read more...] about Can Tho authorities consider heavy penalty for US dollar note change

Binh said Saturday that the central bank, the State Bank of Vietnam (SBV), should look into the legality and appropriateness of such a heavy fine being imposed on a man in southern Can Tho Province. SBV Governor Le Minh Hung had said Friday that the director of central bank’s southern branch was working with the Can Tho’s People’s Committee to investigate the matter further. On Tuesday, 38-year-old electrician Nguyen Ca Re was fined VND90 million ($3,855) by Can Tho authorities for exchanging a $100 note in a gold shop. The VND2.3 million ($98.48) that Re received from the shop was also confiscated. A heavy fine of VND295 million ($12,630) was also slapped on the gold shop and the $100 note confiscated. Re said that he had been given the $100 by a relative and had been exchanging dollar notes at gold shops before without any trouble. He also said that with his monthly salary of VND4 million ($171), he doesn’t know how to get the money to pay the … [Read more...] about $3,855 fine for changing $100 will be reviewed: Deputy PM

SBV was required to send a report to the Prime Minister before October 30. On September 4, the city People’s Committee made a decision to penalize Mr. Nguyen Ca Re VND90 million for selling a one hundred US dollar bill to Thao Luc jewelry shop in Ninh Kieu district. The committee said that the shop was not licensed to change foreign currencies. Authorized agencies also seized VND2.3 million which Mr. Re got from the sale and fined the shop VND 295 million. By PHAN THAO – Translated by Hai Mien Tags: dollar note change Can Tho city SBV … [Read more...] about SBV asked to report to PM on VND90 million fine for $100 note change

Forex rules to be amended: SBV governorThe Saigon Times Daily A person is seen counting U.S. banknotes in this file photo. SBV governor Le Minh Sung says the regulations on foreign exchange might be amended this year - PHOTO: THANH HOA HCMC – Le Minh Hung, governor of the State Bank of Vietnam (SBV), on the sidelines of the National Assembly (NA)’s sixth sitting, told local media that the Government's Decree 96, which governs foreign exchange services, might be amended this year, Thanh Nien newspaper reported. Noting the case in which the Can Tho government fined electrician Nguyen Ca Re VND90 million for exchanging a US$100 bill for Vietnamese dong at an unauthorized money changer in the city, the governor said SBV has provided advice so that the municipal government could work out a proper solution for the case. NA deputy from HCMC Truong Trong Nghia said the sanctions against illegal foreign currency exchanges should be imposed in a reasonable manner, and the … [Read more...] about Forex rules to be amended: SBV governor

It was business as usual Wednesday with many gold sellers near the Ben Thanh Market in HCMC’s District 1 offering currency exchange services. One gold shop, which was selling a dollar for VND23,490, and buying it for VND23,440, said better prices would be offered for large transactions. The seller said that customers are either taken inside the shop to receive money away from the public eye; or they could ask for the cash to be delivered at a place of their choice. Shops on Ha Trung Street, a popular currency exchange destination in Hanoi, were also offering the same service. An economist in HCMC who asked not be named said that this buying and selling of foreign currency has been happening for a long time although it was illegal, strictly speaking. It was difficult for authorities to manage it, he felt. Where there is demand, there will be supply, the economist said, adding that the number of authorized money exchange points in the country was low. Most banks are located in the … [Read more...] about Illegal money exchange a normal practice in Vietnam

Wrong side of the right wayBy Son Nguyen Criticisms and skepticisms are overwhelming following a decision by Can Tho City’s government this week to slap a heavy fine on a resident for exchanging a US$100 bill at an unauthorized money changer although all related sides agree that the punishment is in strict compliance with prevailing regulations. Calls for amendments to the rule are surfacing like ripple effects across the society, as people from all walks of life are of a consensus that legal provisions contained therein are unenforceable. Simply put, it is wrong. The news broke when it was learned this Tuesday that Can Tho City had issued a decision imposing a fine as much as VND90 million, or roughly US$4,000, on a local resident identified as Nguyen Ca Re for selling the U.S. banknote at Nhan Dat Jewelry Thao Luc Shop in Ninh Kieu District. The gold trader itself was also imposed a fine of VND180 million for the illegal act, plus nearly VND90 million on other business … [Read more...] about Wrong side of the right way

According to the city Police, director of Thao Luc Company was caught red handed buying US$100 note from 38 year old Nguyen Ca Re, an electrician in An Hoa ward, Ninh Kieu district on January 30. The company was unlicensed to buy/sell foreign currency at that time. Afterward, Can Tho Police consulted the city People’s Committee on making a decision to issue fines according to Government Decree 96 in the banking and monetary field. Specifically, they issued a fine of VND90 million to Mr. Nguyen Ca Re and seized VND2.26 million he got from selling the note; penalized the company VND180 million and seized the $100 note. Police officials also examined the shop and confiscated 20 diamonds and 19,910 artificial stones with the total value of VND550 million (US$23,575). Aside from the above penalty, the company was fined VND70 million for trading goods with unclear origin, VND15 million for making goods without announcing applied standards, VND30 million for making goods unsuitable … [Read more...] about Can Tho city holds press conference on dollar note sale penalty

Can Tho Police confirm hefty fine for illegal U.S. dollar exchangeBy Huynh Kim Senior Lieutenant Colonel Tran Van Duong speaks at a press briefing, held today in Can Tho City, following the imposition of a hefty fine on an illegal money change – PHOTO: HUYNH KIM CAN THO – A representative of Can Tho City Police confirmed to the local media at a press briefing held today, October 24, that a hefty fine imposed on a resident who exchanged a US$100 bill for Vietnamese dong was in full compliance with prevailing regulations. Addressing the meeting, Senior Lieutenant Colonel Tran Van Duong, spokesman of the municipal police agency, said that the police agency has strong evidence in the case against Nhan Dat Jewelry Thao Luc Commercial Manufacturing Co., Ltd, and Nguyen Ca Re, a resident of An Hoa Ward, Ninh Kieu District, who stand accused of conducting unlicensed foreign exchange activities. In addition, the police agency had proposed the municipal chairman levy a fine … [Read more...] about Can Tho Police confirm hefty fine for illegal U.S. dollar exchange

In Vietnam, buying and selling foreign currencies on the free market is against the law. Photo by VnExpress/Le Chi Lawyers say a VND90 million ($3,855) fine for exchanging $100 in a gold shop is disproportionate and unreasonable. The administrative fine was levied by the People’s Committee of Can Tho on Nguyen Ca Re, a 38-year-old electrician. The VND2.3 million ($98.48) that Re received from the shop for the $100 note was also confiscated. Meanwhile, the gold shop was fined VND295 million ($12,630) for several violations, including the $100 exchange. The $100 note was also seized. Re said that he had been given the $100 by a relative. Late last year, he’d taken the note to a gold shop and was caught red handed by police officers. The police later issued an official record of violations after months of working with Re. Re said: “Before, I’ve always brought dollar notes to exchange at gold shops without any trouble.” He said that with his monthly … [Read more...] about Excessive: Lawyers slam $3,855 fine for $100 note exchange

Besides the fine on Mr. Nguyen Ca Re, the people’s committee also penalized the shop VND180 million, seized the note together with the exchange money of VND2.26 million. Commenting on the case, lawyer Nguyen Van Duc from Can Tho city Lawyers Delegation said that the city People’s Committee decision is not wrong. Article 24 of Decree 96 clearly stipulates that violators of forex regulations will be penalized VND20-100 million beside other auxiliary fines. However, Mr. Duc said that the decree should be amended to suit the reality. Seizure of the note and the exchange money is deterrent enough to Mr. Re. In fact, he was unable to require the shop’s owners to present papers proving they are eligible for buying foreign currency.By TUAN QUANG – Translated by Hai Mien Tags: Can Tho city foreign currency … [Read more...] about Man fined VND90 million for selling US$100 note